CUMBERLAND, Md.–– Nearly 400 Allegany County high school students had the opportunity to learn first-hand about the financial challenges they will face as adults at the Dollars & Sense Financial Reality Fair hosted by the Western Maryland Chapter of the MD|DC Credit Union Association. Participating schools included Allegany High School, Ft. Hill High School, Mt. Ridge High School, and the Center for Career and Technical Education.
The fair teaches basic money management skills that are key to economic and career success. Students were assigned a career and monthly salary, and had to figure out how to live within their means while paying for basics such as housing, utilities, transportation, clothing and food, according to the Chapter.
“The Reality Fair gives students a taste of real life,” said Patricia Folk, President/Treasurer of Allegany County Teachers Federal Credit Union. “They learn how to budget effectively, shop efficiently and avoid, or at least minimize, debt. Since we started the semiannual Reality Fairs in 2011, we have helped more than 4,000 students learn real life money management skills. We’d like to thank the Allegany County Board of Education for partnering with us.”
Students visited mock merchants such as apartment leasing agents, auto dealers, insurance agents and more, to obtain goods and services needed in everyday life. As in the real world, there were opportunities for additional spending on entertainment, pets, vacations and other non-essentials. There was even an element of surprise with a “wheel of reality” that could result in an unplanned expense or a windfall of cash.
“The Reality Fair helps students prepare for the future by finding out what it’s like to have a job, a salary and expenses,” said John Bratsakis, President/CEO, MD|DC Credit Union Association. “It’s truly a unique opportunity for each student to experience first-hand the impact financial choices can have on their lives. Students find it to be a truly eye-opening experience.”
To make sure their budgets added up, students reviewed their budget with a financial counselor. Students were encouraged to save a minimum of 10% of their income, placing 3% in a long term retirement investment, and 7% in a shorter term investment. 70 volunteers ran the booths and served as financial counselors.
MD|DC Credit Union Association’s Western Maryland Chapter has hosted 11 financial reality fairs since 2011 and has helped to educated over 4,000 students on financial literacy.
Participating credit union included:
- Allegany County Teachers Federal Credit Union
- Chessie Federal Credit Union
- Healthcare 1st Federal Credit Union
- Potomac Federal Credit Union
- SECU
- WEPCO Federal Credit Union